Special Needs Trust Tax Rules With Pictures
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FAQ
While all special needs trusts must file annual income tax returns, only larger third-party trusts that earn more than they distribute each year actually pay any taxes. The others pass through their income to the beneficiary with special needs.
A Special Needs Trust must have its own Federal Identification Number (also called an Employer Identification Number, EIN, Tax Identification Number, or TIN) to be valid. This unique number means that the Trust is its own entity, and that it does not belong to anyone but itself.
Additional expenses that can be deducted from SNT income include legal and advocacy fees and reasonable trustee and fiduciary fees. It is important to remember that the SNT cannot deduct expenses like rent and food.
Income retained by the trust will be taxed to the trust. Practically, with most smaller trusts, there's no real difference in the tax treatment of the two types of trusts, since they use all their annual income for the benefit of the individual with special needs.
First-Party or Self-Funded Special Needs Trusts Any income earned on the funds invested in the first-party trust is always taxable to the beneficiary in the year it is earned, regardless of when or if it is distributed to the beneficiary.